Equitrans Midstream (NYSE:ETRN) -4.1% post-market on Tuesday after Senator Joe Manchin said he asked Senate Majority Leader Chuck Schumer to remove his energy permitting legislation from a stop-gap government funding bill because it would not have received enough votes to pass.
Manchin's bill drew opposition from the right and left of the political spectrum; Republicans said it did not go far enough in removing permitting hurdles for energy projects, and Democrats said speeding up such projects could risk damage to the environment.
The bill would have required federal agencies to approve and issue all permits necessary for the construction of Equitrans' (ETRN) stalled Mountain Valley Pipeline within 30 days.
The proposal also would have set a two-year time goal on environmental reviews for large energy projects and one year for smaller projects, and would allow the president to designate a list of at least 25 "high-priority energy infrastructure projects" for which permitting would be prioritized.
Construction on the 303-mile MVP project - which crosses Manchin's home state of West Virginia - has been stalled after a federal court in January rejected a permit to cross a national forest.